\nU.S. pending home sales fell 1.3% week over week to their lowest level in three months during the four weeks ending July 19. That\u2019s according to a new report<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n
\nThe decline in homebuying demand comes as weekly average mortgage rates rise to a 11-month high of 6.55%. Additionally, home prices are stubbornly high, sitting just about $900 shy of their all-time peak. The topsy turvy U.S. economy, including the resurgence of the Iran war and rising oil prices, is another factor driving would-be homebuyers to the sidelines.<\/p>\n
\n\u201cThe buyers who are in the market have more leverage<\/a> than they\u2019ve had in years,\u201d said Vanessa Leimback<\/a>, a Redfin Premier<\/a> agent in Seattle. \u201cHomes that have been sitting on the market for longer than a few weeks often come with room to negotiate on price and seller concessions<\/a>. But buyers should remember that desirable, move-in ready homes can still be competitive because many people don\u2019t want to take on renovation costs while mortgage payments are high. Thas why the biggest bargains are often on fixer-uppers.\u201d<\/p>\n \nOn the selling side, new listings ticked up 0.4% week over week, though they are still at their second-lowest level since the start of 2026. Some would-be sellers are holding out, waiting for demand to improve.<\/p>\n \nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.<\/p>\n Leading indicators<\/b><\/p>\n